Covered members and qualifying timeline
- ECC-SSS members who were laid-off on or after September 1, 1983 may be granted a three-month emergency loan, effective January 2, 1984.
- A laid-off member must be able to submit proof of separation from employment.
- The laid-off member must have been an employee with an aggregate service of one (1) year.
- The Letter applies to ECC-SSS members laid off due to the present economic crisis, evidenced by an employer certification or other proof of termination or loss of employment.
- ECC-SSS members separated from employment before September 1, 1983 are entitled only to a ONE (1) MONTH-salary loan under existing SSS policies.
Loan types, release structure, and conditions
- A one-month emergency loan is granted under the eligibility framework for qualifying members.
- A two (2)-month emergency loan and a three (3)-month emergency loan are granted under the same general eligibility framework.
- Emergency loans are released in two (2) releases for a two-month loan.
- Emergency loans are released in three (3) releases for a three-month loan.
- The second and third releases require certification that the borrower is still separated from employment and not-employed.
Repayment schedule and interest terms
- A one-month emergency loan must be repaid within ONE (1) YEAR.
- A two (2) or three (3)-month emergency loan must be repaid in TWO (2) YEARS.
- All loans granted under these implementing guidelines bear a simple interest rate of FIVE PERCENT (5%) a year.
- Emergency loans are not deductible in advance.
- No service fee is charged for a loan granted under these guidelines.
- Any previous loan balance is not deducted from the new loan.
Borrower re-employment duties and notifications
- If a previously laid-off member-borrower is re-employed under the same employer, the borrower must notify the SSS immediately.
- If the separated member is re-employed under a different employer, the member must duly notify the SSS.
Where to apply and transitional entitlements
- Applications for the three-month emergency loan are processed at the Main Office or at any regional, provincial, district offices of the SSS.
- Members separated from employment before September 1, 1983 receive entitlement only to a ONE (1) MONTH-salary loan under existing SSS policies.